02.08.2017
Digitization

For a European fintech strategy

The EU Commission is currently working on a European fintech strategy based on the application of the new digital technologies, such as big data, artificial intelligence and blockchain, in financial services. The German Insurance Association (GDV) has contributed to the Commission’s public consultation on fintech by advocating a detailed position.

The new digital technologies have a lot to offer the insurance sector. Fintech insurance applications (known as insurtech) offer major potential in a number of areas, such as improved products and services for customers and increased risk prevention.

German insurers support the basic principles underpinning the European fintech strategy as proposed by the EU Commission, i.e. technological neutrality and the consistent application of proportionality in regulating and ensuring market integrity (particularly with respect to guaranteeing a high standard of consumer protection).

A level playing field for all providers, established companies and new players such as fintech startups, is indispensable to achieving fair competition in the interests of customers. Regulatory requirements which unnecessarily hinder the application of fintech (for example demanding documents in hardcopy) are to be removed.

The German Insurance Association’s full position is available for download on this site.

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European Commission’s Consultation Document “FinTech: A more competitive and innovative European Financial Sector”

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